Asia Biz News - Asian Business News and Tenders

Olympia Violago Water & Power, Inc. (OVPI) has agreed with the Power Construction Corporation of China (POWERCHINA) for the design, procurement and construction of the proposed 500MW Wawa Pumped-Storage Hydropower Project (Wawa PSP) in Rizal Province, the Philippines.

The Wawa PSP is being developed by San Lorenzo Ruiz Builders and Developers (SLRB) and Equis Energy (Equis), Asia-Pacific's largest renewable energy Independent Power Producer (IPP).

Wawa PSP, with an expected total project cost of USD 1bn, is an energy storage asset capable of delivering 500MW of mid-merit and peak energy to the Philippine power market. The project will greatly assist in grid management while also providing cheap and reliable peaking power, significantly contributing to the Philippines government's push to triple renewable energy generation capacity by 2030.

The project is expected to start construction by the end of 2017 with commissioning planned for early 2022.

David Russell, Equis Chairman, said, "The Wawa pump storage project is one of the Philippines' most strategically important power generation assets in terms of ensuring the immediate reduction of power prices. Since our founding in 2012, Equis Energy has completed 100% of the power projects on which we have commenced construction, an enviable track record we attribute to our strong commitment to building expert local management teams that understand how to engage with local stakeholders."

Oscar Violago, Chairman of OVPI and SLRB, said, "OVPI will deliver a project of national significance with best technology that will not only provide gainful employment for the local communities but also will ensure a stable supply of energy for generations of Filipinos to come."

Ji Xiaoyong, president of POWERCHINA Asia-Pacific, said, "POWERCHINA is excited to be selected as the EPC contractor for this landmark project. POWERCHINA, as one of the top players in the global power industry, will work together with our client to utilize the state-of-art technology and deliver a successful PSP project to Filipinos."